Private Equity Spotlight

Welcome to the latest edition of Private Equity Spotlight, the Private Equity Spotlight monthly newsletter from Preqin providing insights into private September 2012 equity performance, investors and fundraising. Private Equity Spotlight combines information from our online Feature Article products Performance Analyst, Investor Intelligence, Fund Manager Growth in Distressed Private Equity: Is Europe Approaching a Turnaround? Proﬁ les, Funds in Market, Secondary Market Monitor, Buyout Deals Analyst Uncertain economic conditions look set to continue across many developed markets, and Venture Deals Analyst. including Europe. However, recent turmoil has created increased distressed opportunities for private equity LPs and GPs. This month’s feature article reveals the latest trends, drawing on data from our recent survey of distressed private equity investors.

September 2012 Page 3. Volume 8 - Issue 9

Preqin Industry News

FEATURED PUBLICATION: Each month Preqin’s analysts speak to hundreds of investors, fund managers and intermediaries from around the world, uncovering vital, exclusive intelligence. This month we focus on the latest updates from the Latin American private equity market.

The 2012 Preqin Private Equity Performance Monitor Page 8.

Lead Article

alternative assets. intelligent data. The Asia-Based Investor Universe

Preqin recently interviewed over 100 insitutional investors with an interest in investing The 2012 Preqin Private Equity in Asia. How are these LPs investing in the region, and what are their future plans and Performance Monitor preferences regarding commitments to Asia-focused vehicles? www.preqin.com/pm Page 10.

The Facts New York: One Grand Central Place Buyout Deals - An analysis of mid-market buyout deals in 2012 so far. Page 15. 60 E 42nd Street Suite 2544 Venture Capital Deals - We explore trends in recent angel/seed VC deals. Page 16. New York, NY 10165 +1 212 350 0100 Private Equity Performance - A look at the latest PE performance stats. Page 17.

London: Secondaries Intermediaries - Key data on secondaries intermediaries. Page 19. Equitable House Conferences - Page 20. 47 King William Street Details of upcoming private equity conferences. London, EC4R 9AF +44 (0)20 7645 8888 You can download all the data in this month’s Spotlight in Excel. Singapore: Asia Square Tower 1 Wherever you see this symbol, the data is available for free download on #07-04 8 Marina View Excel. Just click on the symbol and your download will begin automatically. You are welcome to use the data in any presentations you are preparing, Singapore please cite Preqin as the source. 018960 +65 6407 1011 w: www.preqin.com Free Subscription: e: [email protected] Click here to sign up to receive your free edition of Private Equity Spotlight every month!

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L North America One Galleria Tower, 13355 Noel Road, Dallas, Texas 75240 Industry Ventures L Capital 3 +1.972.980.5800 Fund VI, L.P. Venture investmentss in direct Pan European buyouts in Europe Grand-Rue 19, 1260 Nyon – Switzerland secondary opportunities and aspirational brands +41.22.365.4500 limited partnership interests Asia $400m €400m Suite 1106, Metrobank Tower, 1160 Yan An Xi Lu, Shanghai 200052 – China +86.21.6124.2668 Feature Article Growth in Distressed PE: Is Europe Approaching a Turnaround? Download Data

Growth in Distressed Private Equity: Is Europe Approaching a Turnaround?

Preqin recently interviewed LPs to gauge investor sentiment towards distressed private equity. Louise Maddy and Joanna Nye explore the results of this survey and its potential impact on private equity markets such as Europe.

The renewed fears of recession and the ongoing eurozone Fig. 1: Investors’ Plans for Future Commitment to Distressed Private sovereign debt crisis have meant that distressed private equity, Equity with its countercyclical nature, has become increasingly attractive 50% to investors. In our Preqin Special Report: Distressed Private 46% 45% Equity in October 2011, Preqin expected distressed private equity 40% to play a greater role in the private equity market and believed 35% the sovereign debt crisis in Europe would tempt a number of GPs 30% to launch funds hoping to cater to investor appetite for distressed 25%

20% investment opportunities arising in the region. 17% 17% 15% 14%

10%

Recent interviews with investors conducted by Preqin in August Proportion of Respondents provide new insight into changes in investor sentiment towards 5% 3% 3% 0% distressed private equity. Combined with Preqin’s latest data on the H2 2012 2013 2014 Longer Term Opportunistic N/A, No Longer Investing in current distressed private equity market, these interviews highlight Distressed Private Equity both the changes and challenges in the current global fundraising Funds climate and whether the predicted increased competition in the Source: Preqin sector has materialized. Additionally, Preqin asked investors about their appetite for different regions, providing insight into the Europe- Current Investor Attitudes focused distressed private equity market and whether the region has become more attractive to investors due to greater investment Investing in distressed private equity on an opportunistic basis opportunities resulting from the eurozone sovereign debt crisis. seemed to be an attractive route for investors; 11% of LPs interviewed cited this as the sole reason for their exposure to Investors’ Intentions for Future Commitments investments in this area. However, investors also highlighted a number of other reasons for investing in distressed funds, including Preqin interviewed 35 investors that had previously indicated diversifi cation of their investment portfolio, and the returns these a preference for distressed private equity funds. Of those investments can provide. interviewed, 80% had already made commitments to distressed private equity funds, with the remaining 20% expecting to make A number of LPs have changed their opinions of distressed private their fi rst commitments to these funds at some point in the future. equity following turbulence in the fi nancial markets, but none have stated that the impact has given them a more negative view of As Fig. 1 shows, just under a fi fth of investors (17%) expect to distressed private equity. Over a third (37%) of investors interviewed make their next commitments to distressed private equity funds stated that their opinion of distressed private equity has been more before the end of 2012, with the same number expecting to commit positive following the fi nancial crisis, with the majority naming the to distressed private equity funds in 2013. Almost half of LPs (46%) opportunities for distressed private equity created by the fi nancial stated that their next investment in a distressed private equity fund crisis as the reason for this positive outlook. Over half (57%) of would likely be made on an opportunistic basis, committing to a LPs stated that the fi nancial crisis has not altered their opinion of new fund should an attractive opportunity arise. distressed private equity; several LPs recognized that the fi nancial

Fig. 2: Top Five Distressed Private Equity Funds in Market

Fund Manager Type Target Size (Mn) Fund Focus GSO Capital Solutions Fund II GSO Capital Partners Distressed Debt 4,000 USD US Cerberus Institutional Partners (Series Five) Cerberus Capital Management Distressed Debt 3,750 USD US Apollo European Principal Finance Fund II Apollo Global Management Distressed Debt 2,500 EUR Europe Sankaty Credit Opportunities V Sankaty Advisors Distressed Debt 3,000 USD US Wayzata Investment Partners III Wayzata Investment Partners Distressed Debt 2,500 USD US Source: Preqin

crisis has created good opportunities for investment, but believe The largest fund currently in market is GSO Capital Solutions Fund that opportunities were not lacking prior to this. II, a distressed debt fund being raised by GSO Capital Partners with a $4bn target size. This fund is seeking more than its predecessor, A number of investors with unchanged opinions on distressed GSO Capital Solutions Fund, which surpassed its target of $2bn private equity cited that this is due to the fact that they only to raise $3.25bn in 2010, indicating an increase in the fundraising invest in these funds on an opportunistic basis. For LPs investing confi dence of some fund managers in the sector. The largest opportunistically in distressed private equity, the past performance Europe-focused fund is Apollo European Principal Finance Fund of the GPs’ funds plays an integral role in determining whether to II, which is targeting €2.5bn, €1.1bn more than Apollo Global invest. As a result, evidence suggests that fi rst-time fund managers Management garnered in 2010 from the fi rst fund in the series. will fi nd it even more diffi cult to raise a fund in this climate, with 95% Preqin’s recent LP survey justifi es the confi dence of some GPs in of distressed private equity funds closed so far this year coming fundraising, with over a quarter of LPs (26%) expecting to increase from established fund managers. their allocations and 74% sustaining their current distressed private equity allocations. No LPs are set to decrease their levels Distressed Private Equity Funds in Market of exposure in this area.

With LPs’ increased appetite for investing in distressed private Distressed Private Equity Fundraising equity in recent years, it is no surprise to learn that there are now a greater number of fund managers marketing distressed private Fig. 3 shows that between 2005 and August 2012 a total of 280 equity offerings to investors. In the fi rst quarter of 2009 there were distressed private equity funds have closed across the globe, 48 distressed private equity funds vying for LP capital commitments, raising an aggregate $237.5bn in capital commitments. During whereas the latest fi gures from Preqin’s Funds in Market database the peak of distressed private equity fundraising in 2008, 43 funds show there are currently 62 distressed private equity funds in reached a fi nal close having raised $57.4bn in aggregate capital market targeting an aggregate $40.3bn. These fi gures demonstrate commitments. The decline in investor confi dence at the beginning the increase in GP competition as fund managers try to tap into of the fi nancial crisis meant that, along with the rest of the private investor enthusiasm for distressed opportunities produced by the equity industry, distressed private equity fundraising was not able tough economic climate in recent years. to reach the same levels in 2009. In 2010, however, there was

Fig. 3: Annual Distressed Private Equity Fundraising, 2005 - August 2012 Fig. 4: Investors’ Geographic Preferences for Distressed Private Equity Funds

70 90%

80% 77% 60 57.4 No. of Funds 69% 51.2 Raised 70% 50 43 43 60% 40 38 50% 34 34 34 34 29.8 30 27.0 27.1 40%

20 Aggregate 30% 20 26% 26% 16.0 16.1 Capital 12.9 Commitments ($bn) Proportion of Respondents 20% 10 10% 0 2005 2006 2007 2008 2009 2010 2011 Jan - Aug 0% 2012 North America Europe Asia Rest of World Year of Final Close Source: Preqin Source: Preqin a return in investor confi dence and momentum in the distressed an attractive region among investors, with 69% of LPs stating they private equity sector, more so than in the rest of the private equity would target distressed funds in this region, up from the 65% of market, due to the investment opportunities arising from the LPs that were looking to invest in Europe-focused distressed funds economic downturn. The industry sustained this momentum in in October 2011. 2011, and from January to August of this year 20 funds have closed on an aggregate $27.1bn, already surpassing the aggregate capital Europe-Focused Fundraising Conditions raised in 2011. As shown in Fig. 5, all distressed private equity funds that In terms of the regional focus of distressed private equity reached a fi nal close in 2005-2008 were raised in less than 19 fundraising, distressed funds primarily focused on investing months. However, as fundraising periods across the private in North America that have closed since 2005 have raised an equity industry increased due to the reduction in the fl ow of aggregate $183.8bn, $16.5bn of which was raised by the 11 funds investor commitments in the aftermath of Lehman Brothers reaching a fi nal close in January to August 2012. North America- collapse, only 60% of funds closed from 2009 to August 2012 focused distressed funds that closed during 2011 accounted for were raised in less than 19 months. Preqin data shows that two-thirds of the global distressed private equity fundraising total European distressed private equity fundraising was more resilient that year, while Europe-focused funds made up 29% ($7.7bn), up than distressed private equity fundraising as a whole after 2009, from $4.8bn in 2010. This can partly be attributed to the largest with the overall proportion raised within 12 months maintaining ever Europe-focused distressed private equity fund reaching a the pre-2009 proportion of two-thirds. In contrast, globally, the fi nal close in 2011. OCM European Principal Opportunities Fund proportion of distressed private equity funds closing within 12 III raised a total of €3bn in investor commitments. Europe-focused months has decreased from 80% to 40%. The average number distressed private equity funds closed in 2012 so far have raised of months spent on the road by funds closed in 2012 so far has $6bn in capital commitments, and the aggregate total is expected mirrored 2011’s fi gure for Europe of nine months, and has fallen to exceed the record set by Europe-focused funds closed in 2011. from 19 to 17 months for North America. Asia and the Rest of World-focused distressed private equity funds closed in 2012 so far have raised $4.6bn, up from $1.6bn The average size of Europe-focused distressed private equity in 2011. This can largely be attributed to the fi nal closing of the funds closed between January and August 2012 is just over $1bn, $4bn Mount Kellett Capital Partners II, an Asia-focused special a 30% increase in the average fund size compared to 2011. This is situations fund. a new record for the fund type. This fi gure has increased year on year since 2009, when the average size of Europe-focused funds Geographic Preferences was $409mn.

Although distressed opportunities in North America attract the The short average fundraising time for Europe-focused vehicles majority of investor commitments at present, a greater proportion and the increasing average size of distressed private equity of the capital is likely to be channelled into European opportunities funds reﬂ ects the strong interest from investors wanting to over the coming year. Preqin asked LPs about their preferred tap into the opportunities created by the increasing number of regions for investment in distressed funds when targeting distressed European companies with looming debt maturities and investments in private equity on an international scale. As Fig. 4 insufﬁ cient leverage on offer from European banks. With the tough highlights, over three quarters (77%) of LPs stated that they would economic conditions unlikely to abate, more distressed investment look to invest in distressed funds focused on North America, a opportunities will likely continue to emerge in the region. reduction from the 82% of LPs which planned to invest in North America-focused distressed funds in October 2011. Europe is also

Outlook Fig. 5: Breakdown of Time Spent on the Road by Distressed Private Equity Funds Capital commitments to distressed funds closed in 2012 so far 100% have already exceeded those made to funds closed in 2011, and 90% 20% 17% 2012’s aggregate total is likely to be the largest in four years by 33% the end of the year. The importance of distressed private equity 80% 40% 17% 19 - 24 Months 70% within the private equity space is set to increase in the near future 30% 60% to take advantage of the investment opportunities created by the 13 - 18 Months fi nancial crisis in Europe and across the globe. However, the large 50% 33% 20% 33% number of fund managers competing for LP commitments means 40% 7 - 12 Months fundraising conditions will remain tough for fi rms marketing funds. 30% 20% 50% 1 - 6 Months 20% The task is likely to prove even more challenging for fi rst-time fund Proportion of Funds Closed 33% 33% managers without a track record investing in the distressed private 10% 20% equity space, which are raising 33% of the distressed private 0% Global DPE 2005 - Europe DPE 2005 - Global DPE 2009 - Europe DPE 2009 - equity funds currently in market. Distressed fund managers need 2008 2008 August 2012 August 2012 Year of Final Close to ensure they can market a compelling offering to investors that Source: Preqin will allow them to stand out from the competition while also quelling any concerns from investors.

Subscriber Quicklink: This month’s feature article draws on data from Preqin’s latest in-depth interviews with investors in distressed private equity funds. Subscribers to Preqin’s Investor Intelligence can click here to view a list of all 1,343 investors in distressed private equity.

Not yet a subscriber? For more information please visit: www.preqin.com/ii

The 2012 Preqin Private Equity Performance Monitor, now in its ninth edition, includes league tables showing the top performing funds of each fund type and vintage year, as well as identifying which managers are the most consistent top performers, again broken out for all the major fund types. The 2012 Preqin Private Equity Performance Monitor contains new areas of analysis and key metrics for more funds than ever before, with over 6,000 vehicles included, accounting for 70% of all private equity vehicles raised historically by value.

This year’s expanded and fully updated edition includes:

• Top performing funds and fi rms identifi ed in extensive league tables by fund type and vintage The 2012 year. Preqin Private Equity Performance Monitor • Detailed analysis sections examining key trends by diff erent fund type, size and region. • New analysis sections include the PrEQIn quarterly private equity index, the returns of growth funds and performance data in a global context. • Annual and quarterly changes in fund valuations. • A look at how past performance impacts private equity fundraising. • Examination of risk vs. return for diff erent fund types.

• Private equity returns examined against public markets. alternative assets. intelligent data. • Benchmarks across diff erent fund types by vintage year and geographic focus. • Dry powder and assets under management. www.preqin.com/pm • The performance of listed private equity.

For more information please visit www.preqin.com/pm

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Preqin Industry News

Jessica Sutro delivers a round-up of the latest private equity news from Latin America, featuring exclusive intelligence on investors, funds in market, and deals in the region uncovered by Preqin’s analysts. Preqin Online subscribers can click on the investor/firm names to view the full profiles.

Continued economic uncertainty in many developed fi nancial Chart of the Month: Annual Latin America-Focused Fundraising, 2003- markets has led a number of investors to consider alternative 2012 (as of 10 September 2012) investment opportunities, particularly in emerging markets. These 40 16 38 growing private equity markets can provide many opportunities for Aggregate Capital Commitments ($bn) 15.0 investors and fund managers alike, with LPs seeking investments 35 14 31 with better returns, and fund managers creating new funds to 30 30 12 compete for their capital. Latin America is one such market that 27 27 25 10.5 10 has seen increasing growth in recent years – the Chart of the 23 Month shows that in 2011 38 Latin America-focused funds closed 21 20 8.7 8 on an aggregate $15bn in capital commitments, an increase on 8.2 16 the 27 funds that closed on $8.7bn in 2010. In 2012 so far 16 Latin 15 6.5 6.6 6 11 America-focused funds have closed on an aggregate $6.6bn. No. of Funds Closed 10 4 8 4.1 4.4 A number of investors are making their fi rst commitments to funds 5 2 1.0 0.8 targeting opportunities in Latin America. Loyalty Alliance, a US- 0 0 based asset manager, is looking to make between four and six 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 new fund commitments over the next 12 months, and is actively No. of Funds Closed Aggregate Capital Commitments ($bn) considering gaining exposure to Latin America for the fi rst time. Source: Preqin Funds in Market The asset manager has a preference for buyout and venture funds and will look to commit to vehicles focusing on opportunities across private equity market. Diamond X Alternative Investments (DXA North America, Europe, and Asia; typically, it looks to commit Investments) was established this year, with headquarters in Rio between $1mn and $10mn per fund. Loyalty Alliance plans to work de Janeiro, Brazil. Though the fi rm targets emerging markets in with both existing managers in its portfolio as well as managers it general, it has a preference for Brazil and targets the hospitality, has not worked with previously. entertainment and leisure, renewable energy, fashion, and retail sectors within the country. Elsewhere, Germany-based DEG is planning to commit €125mn to emerging markets over the next 12 months, including Latin Brazil continues to grow as an signifi cant hub for private equity America. The government agency is planning to invest the capital in in Latin America, with several private equity-backed venture 10 to 15 new funds of a variety of different types, including buyout, capital and buyout deals taking place there in recent months. In venture capital, growth, and mezzanine. DEG typically commits June, Baby.com.br, based in Brazil, raised $16.7mn in Series B €10mn per fund and will look to re-up with some existing managers fi nancing led by Accel Partners, with participation from Tiger Global in its portfolio, as well as form new GP relationships. Management and others. The fi rm had previously raised $4.4mn in Series A funding in October 2011. Also in June, Vinci Capital Investor interest in the region has driven growth in the Latin Partners acquired a 70% stake in Cecrisa, a Brazil-based ceramic American private equity industry, with a number of fund managers tile manufacturer for around $122mn. In August, Printi, a Brazil- from around the globe entering the market with Latin America- based printing company, raised $1.2mn in Series A fi nancing, with focused offerings for investors. Redpoint e.ventures, managed Greenoaks Capital Management leading the round. by e.ventures, is a Brazil-focused early stage venture capital fund and the fi rst Silicon Valley-affi liated fund dedicated to the region. The vehicle, which closed in July 2012 on $130mn, focuses on the consumer Internet, mobile, media, and cloud services sectors and Do you have any news you would like to share with the readers will be managed by founding partners Yann de Vries and Anderson of Spotlight? Perhaps you’re about to launch a new fund, have Thees. implemented a new investment strategy, or are considering investments beyond your usual geographic focus? Another fund with an investment focus on the region is APEF II, which launched earlier this year and is still in market. The Send your updates to [email protected] and we will buyout fund, which has a target size of $300mn, invests in the endeavour to publish them in the next issue. Andean region, with a special focus on Colombia and Peru and targets a broad range of industries, including business services, environmental services, and utilities.

In addition to activity in the region from fund managers based elsewhere, a number of ﬁ rst-time fund managers based in Latin America are beginning to emerge in the region’s growing

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Fund Coverage: 17,254 Funds

3,543 PE Real Estate 541 Infrastructure 13,170 Private Equity* Funds Funds Funds

Firm Coverage: 8,679 Firms

6,720 PE Firms 1,613 PERE Firms 346 Infra. Firms

Performance Coverage: 6,063 Funds (IRR Data for 4,650 Funds and Cash Flow Data for 2,058 Funds)

4,962 PE Funds 979 PERE Funds 122 Infra. Funds

Fundraising Coverage: 2,834 Funds Open for Investment/Launching Soon Including 1,908 Closed-Ended Funds in Market and 525 Announced or Expected Funds

1,622 PE Funds 958 PERE Funds 254 Infra. Funds

Deals Coverage: 57,843 Deals Covered; All New Deals Tracked

26,658 Buyout Deals** 28,906 Venture Capital Deals*** 2,279 Infra. Deals

Investor Coverage: 9,860 Institutional Investors Monitored, Including 7,062 Verified Active**** in Alternatives and 69,391 LP Commitments to Partnerships

1,786 Active 3,778 Active Hedge Fund 4,436 Active PE LPs 3,368 Active RE LPs Infra. LPs Investors

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*Private Equity includes buyout, venture capital, distressed, growth, natural resources and mezzanine funds. **Buyout deals: Preqin tracks private equity-backed buyout deals globally, including LBOs, growth capital, public-to-private deals, and recapitalizations. Our coverage does not include private debt and mezzanine deals. ***Venture capital deals: Preqin tracks cash-for-equity investments by professional venture capital fi rms in companies globally across all venture capital stages, from seed to expansion phase. The deals fi gures provided by Preqin are based on announced venture capital rounds when the capital is committed to a company. ****Preqin contacts investors directly to ensure their alternatives programs are active. We emphasize active investors, but clients can also view profi les for investors no longer investing or with programs on hold. Lead Article The Asia-Based Investor Universe Download Data

The Asia-Based Investor Universe

Preqin recently interviewed over 100 investors with an interest in investing in Asia in order to find out how they are investing in the region and their future preferences - Louise Weller explores the results.

At present, there are 407 active private equity investors based in Asia-based investors, like those based in other regions of the Asia, representing 9% of the global active private equity investor world, tend to prefer to invest close to home, with 86% showing an universe, according to Preqin’s Investor Intelligence database. As active appetite for private equity funds focused on investing in the shown in Fig. 1, these investors are split primarily between four region itself. This fi gure is much higher than the 32% that consider nations, which collectively account for almost three-quarters of the investments in North America and the 24% that target Europe- Asian investor universe: Japan (23%), China (22%), South Korea focused private equity vehicles. (15%) and India (13%). In terms of attitudes towards fi rst-time funds, 38% of Asia-based Corporate investors are the most common type of private equity investors will actively invest in fi rst-time funds, while a further 10% investor in Asia, representing 18% of the universe, while banks will invest with spin-off managers. An additional 19% of the investor and investment banks account for 14% and insurance companies pool in Asia is willing to consider fi rst-time funds on a case-by-case 12%. Foundations and endowments, two of the most common basis, leaving 33% that will not commit to these vehicles. investor types in Europe and North America, collectively make up less than 8% of the Asia investor universe. Interestingly, even Global Investor Survey – Views on Asia though sovereign wealth funds only make up 3% of the Asia-based investors by number, they account for over 10% of the aggregate With the repercussions of the credit crunch in 2008 and the more $21tn assets under management of the Asian investor private recent escalation of the eurozone sovereign debt crisis, institutional equity universe. investor interest in private equity investments in emerging markets has continued to grow, with increasing numbers of LPs In terms of investment preferences, Asia-based LPs favour looking towards less traditional markets for increased portfolio investments in venture capital or growth vehicles, which is indicative diversity and performance. Asia in particular remains an attractive of the rapid growth in relatively young companies across the region. investment destination for LPs, with Preqin’s H2 2012 Private Sixty-three percent of Asia-based investors have invested in or are Equity Investor Outlook study revealing that a signifi cant 38% of looking to invest in venture capital funds, while 51% show an active investors worldwide feel that the region is currently presenting the appetite for growth vehicles. Buyout funds attract interest from 44% best investment opportunities within emerging markets. In order to of the total investor pool in the region. Asia-based investors have assess LPs’ current attitudes towards Asia and their future plans been more tentative than non-Asia-based investors when pursuing in more detail, we conducted over 100 in-depth interviews with newer private equity strategies, such as distressed private equity, investors from around the world that have an interest in the region. mezzanine, secondaries, and natural resources. However, as the private equity industry continues to develop and mature, we would Allocations to Asia anticipate that Asian LPs will diversify into new approaches to the asset class. Almost three-quarters (74%) of investors allocate up to half of their private equity portfolio to Asia, as shown in Fig. 2, while a

Fig. 1: Breakdown of Asia-Based Investors by Location Fig. 2: Proportion of Private Equity Portfolio That Investors Allocate to Asia

80% 2% 5% Japan 70% 68% 6% 23% 7% China 60%

South Korea 7% 50% India 40% Hong Kong 13% 22% Singapore 30%

Taiwan 20%

15% Proportion of Respondents 16% Malaysia 10% 9% 6% Other 1% 0% 0-25% 26-50% 51-75% 76-100% No Set Allocation Proportion of Private Equity Portfolio that Investors Allocate to Asia Source: Preqin Source: Preqin

further 9% have no set allocation to Asia and instead take a more Fund Manager Location Preferences opportunistic approach, preferring to invest as and when favourable opportunities arise. Sixteen percent of LPs look to allocate 76-100% When considering which fund managers to work with when investing of their private equity portfolio to investments in Asia, although the in Asia, the vast majority of LPs expect the fund manager to have vast majority of this group of investors are based within the region. some local presence within the region. Over half (55%) of LPs prefer to invest with a local manager that has an offi ce in the country Geographical Preferences they will be investing in, while a further 24% will consider investing with an international manager as long as they operate a local offi ce. Greater China continues to attract the most attention from LPs, Local presence and expertise are clearly viewed as important with over half (58%) of the investors we spoke to stating that the factors by investors, though a signifi cant 21% of LPs told us they region is presenting attractive investment opportunities within have no particular preference with regards to fund manager location Asia, followed by India, which was named by 36% of LPs. In a and instead are primarily concerned with the past performance and similar study conducted last year, a higher 68% and 61% named track record of the GP, as opposed to their physical location. China and India respectively as presenting attractive investment opportunities. Some investors named a number of fast growing Investors continue to approach investing in fi rst-time funds regions as presenting more favourable opportunities, including with caution and Asia-based fund managers are no exception. countries such as Vietnam. Nevertheless, many LPs that target private equity investments in Asia understand that the private equity industry in the region is still In terms of the geographical scope of the funds that investors developing and, as a result, are slightly more willing to invest with look to commit to, over one-third (35%) of LPs prefer to invest in emerging managers. Forty-two percent of LPs with an interest in country-specifi c funds, allowing them to tap local expertise and to Asia will consider committing to a fi rst-time vehicle, which is higher control the geographic exposure they gain. A German insurance than the 34% of the limited partner universe as a whole that will company told us: “We are likely to focus more on country-specifi c consider doing so. A further 6% of LPs with an interest in Asia will funds going forward, as we are looking to target certain countries.” commit to a fund raised by a spin-off team. Thirty-one percent of LPs look to gain exposure to Asia through pan-Asia funds, while 16% prefer to invest in funds focusing on Fund Type Preferences opportunities via a wider global mandate. Twenty-three percent of LPs prefer to take an opportunistic approach when investing in Over half (54%) of investors interviewed feel that growth funds are private equity in Asia. presenting the best investment opportunities in Asia at present (Fig. 3), which refl ects the fact that many markets in Asia are

Fig. 3: Fund Types Investors View as Currently Presenting the Best Fig. 4: Investors’ Intentions for the Proportion of their Private Equity Investment Opportunties in Asia Portfolio Allocated to Asia

100% 1% Growth 54% 6%

Small to Mid-Market 25% Buyout Decrease 80% Allocation To Asia Venture 15% 45% 65% Fund of Funds 12% 60% Large to Mega 9% Buyout Maintain Allocation To Asia Distressed Private 3% Equity 40%

Mezzanine 1%

Proportion of Respondents 49% Secondaries Funds 1% 20% 34% Increase Allocation To Asia None 12%

0% 10% 20% 30% 40% 50% 60% 0% Proportion of Respondents Next 12 Months Longer Term Source: Preqin Source: Preqin growing rapidly. One-quarter of LPs named small to mid-market attractive opportunities in Asia, as the majority of investors feel buyout funds as presenting attractive investment opportunities in there are more attractive distressed opportunities in Europe and Asia, which is a considerably smaller proportion than the 49% of elsewhere. LPs worldwide that named this fund type as the most favourable in Preqin’s recent study. A US-based foundation noted: “We have Nearly half (48%) of investors prefer to gain exposure via funds not seen much buyout activity in Asia compared to other regions.” that focus solely on Asia, demonstrating the growing focus on Similarly, distressed private equity funds have attracted less investment in the region. As the Asian economies have continued attention in Asia than in more developed markets. Just 3% of the to develop, investors are more conﬁ dent in gaining exposure to LPs we spoke to felt distressed private equity funds are presenting solely Asia-focused funds, as opposed to funds that only include

Asia as a part of a wider remit and that may only allocate a small inteding to maintain their current levels of exposure. As Asian amount of capital to the region. However, it is important to recognize economies continue to develop and the local private equity industry that fund of funds vehicles remain a useful method of gaining becomes ever more sophisticated, the future will likely see even exposure to the asset class, and more specifi cally Asia, for some more interest from investors around the world. institutional investors. Fund of funds vehicles allow LPs to hold more diverse portfolios of investments through smaller numbers of Outlook for Asian Private Equity commitments, and 13% of LPs stated they prefer to gain exposure to Asia through funds of funds. One European investor told us: “If From our conversations with institutional investors around the world, we were bigger we might look at direct funds, but funds of funds are it is evident that Asia remains an attractive investment proposition more appropriate for our size.” for many LPs. In recent years we have seen growing interest in the region, which has been buoyed by the rapid expansion of Future Intentions for Private Equity Investment in Asia many Asian economies, the increasing maturity of the local private equity industry, and the recent turmoil that has prevailed in more During 2012 so far, 35% of the LPs we spoke to have made new developed fi nancial markets. In addition, the region now plays host commitments to private equity funds focusing on opportunities in to a number of nascent private equity hubs such as Mumbai and Asia, with the region looking set to remain an important part of LPs’ Singapore, which is an encouraging sign for the future development investment portfolios over the next year. As shown in Fig. 4, over of the Asian private equity industry. one-third (34%) of LPs expect to increase their allocation to Asia over the next 12 months, with a further 65% of investors looking to As LPs become more confi dent and experienced when investing in maintain their current level of exposure to the region. Asia, the way they access the region will undoubtedly evolve and there will be changes in the countries and regions they will look to Investors generally agree that in the longer term Asia is likely gain exposure to. However, should economic growth continue, it is to continue to be an integral part of their portfolios, with almost likely that the region will become more and more signifi cant for the half (49%) of the investors we spoke to planning to increase their private equity asset class as a whole. private equity portfolio allocations to investments in Asia and 45%

Data Source:

This article features data from Preqin’s interviews with over 100 LPs from around the world with an interest in investing in Asia. The interviews were conducted for the forthcoming Preqin Special Report: Asian Private Equity, an in-depth review of Asia’s private equity market due to be released at the end of September.

To register your interest in the publication and be notified when it is released, please contact: [email protected].

This survey, and others like it, represent a small portion of the vital data that our research analysts gather on a daily basis for the Preqin Investor Intelligence online database. We contact investors directly to ensure that our information is accurate, up to date and reliable.

Not yet a subscriber? For more information please visit:

www.preqin.com/ii

Wealth Managers in Private Equity

Preqin has now launched coverage of wealth managers involved in the Private Equity, Real Estate, Infrastructure and Hedge Fund asset classes.

Investor Intelligence Now Includes:

• Wealth Manager Profi les - constantly updated, searchable profi les of wealth managers and their real estate investment preferences. • Wealth Manager Contact Details - access the details of wealth managers’ key personnel and preferred methods of contact.

Fig. 1: Private Equity Wealth Managers by Funds under Management

35% 33%

30%

25%

20% 20% 20%

15% 14% 13%

10%

Proportion of Wealth Managers Proportion of Wealth 5%

0% Less than $500mn $500mn - $999 mn $1bn - $1.9bn $2bn-$4.9bn Greater than $5bn Total Assets under Management Source: Preqin Investor Intelligence

Preqin has also released a complimentary research report, providing insights into wealth managers involved in the alternative assets industry. Download your free copy now:

Wealth Managers Outlook: Alternative Assets

For more information or to arrange a walkthrough of the service, please visit: www.preqin.com/wealth

Mid-Market Buyout Deals

With uncertainty still pervasive in the economy, the number and aggregate value of mid-market deals, those valued between $250mn and $999mn, dipped slightly in the first half of 2012. Jessica Hull investigates the key trends in buyout deals during this period.

Fig. 1: Number and Aggregate Value of Disclosed Mid-Market Fig. 2: Breakdown of Mid-Market Private Equity-Backed Buyout Deals Private Equity-Backed Buyout Deals Globally: 2006 - 2012* (as of 5th by Type: January - September 2012 (as of 5th September 2012) September 2012)

120 70.0 100% 8% 6% 90% Growth

60.0 Aggregate Deal Value ($bn) 100 15% 17% Capital 80% 50.0 80 70% 18% 17% Public to 40.0 60% Private 60 30.0 50% No. of Deals 40 20.0 40% Add-On Proportion of Total 30% 60% 20 59% 10.0 20% 0 0.0 Buyout H1 H2 H1 H2 H1 H2 H1 H2 H1 H2 H1 H2 H1 H2 10% 2006 2006 2007 2007 2008 2008 2009 2009 2010 2010 2011 2011 2012 2012 YTD 0% No. of Deals Aggregate Deal Value ($bn) No. of Deals Aggregate Deal Value Source: Preqin Buyout Deals Analyst Source: Preqin Buyout Deals Analyst *Refers to deals disclosed with a value of $250-999mn.

Data Source: Subscriber Quicklink: Included as part of Preqin’s integrated 360° online private Subscribers to Buyout Deals Analyst, the industry’s leading equity database, or available as a separate module, Buyout source of intelligence regarding buyout transactions, can Deals Analyst provides detailed and extensive information on click here to view the details of over 1,000 mid-market private private equity-backed buyout deals globally, including deals in equity-backed buyout deals valued at $250-999mn globally, the mid-market value range. The product has in-depth data for including details of type, industry, and region. over 26,000 buyout deals across the globe from 2006 - present, including information on deal value, buyers, sellers, debt Not yet a subscriber? For more information on how Buyout fi nancing providers, fi nancial and legal advisors, exit details Deals Analyst can help you, please visit: www.preqin.com/ and more. deals.

Fig. 3: Breakdown of Private Equity-Backed Buyout Deals Globally by Fig. 4: Breakdown of Mid-Market Private Equity-Backed Buyout Deals Value Band: 2006 - 2012 (as of 5th September 2012) by Industry: January - September 2012 (as of 5th September 2012)

100% 3% 30% 7% 6% 7% 7% 15% 14% 90% 15% 25% 16% 25% 17% 19% 20% Large-Cap 80% 22% 19% 21% 20% 70% 18% 17% 15% 60% 13% 12% 12%12% 12%11% 12% 10% 50% Mid-Market 10%

40% 82% Proportion of Deals 76% 77% 5% 75% 74% 5% 4% 4% 4% 67% 65% 3% 3% Proportion of Deals 30% 1% 1% 0% 20% Small-Cap

10% Other Utilities Business Services Energy & & Retail & Media Food & Food & Materials Telecoms Industrials Consumer Agriculture Healthcare Information 0% Technology 2006 2007 2008 2009 2010 2011 2012 YTD No. of Deals Aggregate Deal Value

Source: Preqin Buyout Deals Analyst Source: Preqin Buyout Deals Analyst

Angel and Seed Venture Capital Deals

With early stage venture capital deals increasing in recent quarters, Jonny Parker investigates the trends in angel and seed deals since 2009 and the industries and regions currently attractive to investors.

Fig. 1: Number and Aggregate Value of Angel and Seed Venture Fig. 2: Breakdown of Venture Capital Deals by Stage: 2012 (As at 5th Capital Deals: Q1 2009 - Q3 2012 (As at 5th September 2012) September 2012)

350 300.0

300 1% 250.0 Aggregate Deal Value ($mn) 1% Angel/ Seed 3% 250 7% 19% Series A/Round 1 200.0 4% Series B/Round 2 200 Series C/Round 3 150.0 Series D/Round 4 and Later 150 14% Unspecified Round No. of Deals 100.0 30% Venture Debt 100 Add-On and Other 9% 50.0 Grant 50 4% 6% Growth Capital/Expansion

0 0.0 PIPE Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 2009 2009 2009 2009 2010 2010 2010 2010 2011 2011 2011 2011 2012 2012 2012 YTD No. of Deals Aggregate Deal Value ($mn)

Source: Preqin Venture Deals Analyst Source: Preqin Venture Deals Analyst

Fig. 3: Breakdown of Number and Aggregate Value of Angel and Seed Fig. 4: Breakdown of Number of Angel and Seed Venture Capital Venture Capital Deals by Industry: 2012 (As at 5th September 2012) Deals by Region: 2009 - 2012 (As at 5th September 2012)

45% 100% 42% 5% 8% 9% 11% 40% 37% 90% 22% Asia and Rest of 35% 19% 15% 13% 80% World 30% 70% 25% 20% 60% 20% 20% 15% Europe 15% 15% 50% 12% Proportion of Deals 10% 40% 76% 76% 7%6% 73% 73% 6%6% 5% 5% Proportion of Deals 30% 2% 2% 2% 1% 2%0% 1% 1% 0% 20% North America Tech. Other Clean 10% Disc. Other IT Other Internet Business Services Telecoms Software Software Industrials & Related Consumer Healthcare 0% No. of Deals Aggregate Deal Value 2009 2010 2011 2012 YTD

Source: Preqin Venture Deals Analyst Source: Preqin Venture Deals Analyst

Subscriber Quicklink:

Subscribers to Venture Deals Analyst, the industry’s leading source of intelligence regarding venture capital transactions, can click here to view the details of over 2,000 VC-backed angel and seed deals since 2009, with an aggregate value of over $1.5bn.

Not yet a subscriber? For more information on how Venture Deals Analyst can help you, please visit:

www.preqin.com/vcdeals

Private Equity Performance

Anna Strumillo examines private equity performance figures as of 31st December 2011.

Fig. 1: Private Equity Horizon IRRs as of 31st December 2011 Fig. 2: Private Equity Horizon IRR vs. Public Indices as of 31st December 2011

25% 20%

18% 20%

16% 15% All Private Equity

14% 10% All Private Equity Buyout 12% 5% S&P 500 10% Venture Capital 0% 1 year to Dec 2011 3 years to Dec 2011 5 years to Dec 2011 10 years to Dec 8% MSCI Europe Fund of Funds -5% 2011 Annualized Returns

6% Annulaized Returns MSCI Emerging Mezzanine -10% 4% Markets -15% 2% -20% 0% 1 year to Dec 2011 3 years to Dec 2011 5 years to Dec 2011 10 years to Dec -25% 2011 Source: Preqin Performance Analyst Source: Preqin Performance Analyst

Fig. 3: Quarterly Change in Net Asset Value (NAV) by Fund Type Fig. 4: All Private Equity - J-Curve: Annual Median Net IRRs by Vintage

10% 15%

8.0% 8% 10%

6.2% 6% 5.7% 5.6% 5% Vintage 2005 4.8% 4.9% 5.0% Q1 2011 4.6% 4.5% 4.2% 4% 0% 3.5% 3.6% 3.6% Q2 2011 Vintage 2006 3.1% 3.1% 0 0.5 1 1.5 2 2.5 3 3.5 4 4.5 5 5.5 6 6.5 7 2.5% 2.2% Investment Year Q3 2011 -5% 2% 1.5% 1.5% 1.3% Vintage 2007 0.7% 1.0% 0.9% 0.3% Q4 2011 0% -1.1% -10% Vintage 2008 (Non-Weighted) (Non-Weighted) -15% Vintage 2009 Funds

-2% Buyout Fund of Capital Venture Equity Median Net IRR since Inception All Private Private All Mezzanine

Real Estate -2.0%

-2.8% Secondaries -4% -20% -4.3% Average Change in NAV from Previous Quarter Change in NAV Average -6% -25% Source: Preqin Performance Analyst Source: Preqin Performance Analyst

Data Source:

Preqin’s Performance Analyst off ers fund-level performance data for over 6,000 private equity funds and is the world’s most extensive and transparent database of private equity and venture capital fund performance.

Interested in fi nding out how Performance Analyst can help you? Please visit: www.preqin.com/pa

To register for free access to our private equity performance benchmarks service please visit: www.preqin.com/benchmarks

Preqin Quarterly - Q2 Edition Out Now!

All the latest statistics, analysis and commentary on key industry trends can be found in the Q2 2012 Preqin quarterly reports, covering the Private Equity, Private Real Estate and Infrastructure asset classes. Download your free copy today!

The latest industry trends from the alternative assets industry’s leading source of data and intelligence: Q2 2012 JULY 2012 The Preqin Quarterly Infrastructure Q2 2012 JULY 2012 • Investors Insight on the quarter from the leading provider of alternative assets data The Preqin QuarterlyContent Includes.... • Fundraising XX Real Estatexx XX Q2 2012 JULY 2012 InsightInsightihtg on ththe q quarquartertfter from ththe lleadileading dinggp provid providerider offlt altalternativeernativeti assetstd dadatatta xx • Fundraising Outlook The XX ContentContent Includes.... Preqin Quarterly xx XX XX xx • Buyout and Venture Capital Deals Private Equity xx XX Insight on the quarter from the leading provider of alternative assets data xx

XX • Exits Content Includes.... xx

Fund Terms and Conditions XX Pressure has been placed on GPs xxxx • Dry Powder to lower their headline fees and align their interests with LPs. We examine the latest figures and analyze what has changed. • Performance Appetite for Private Equity of LPs in Different Regions Preqin has conducted detailed

studies of LPs’ interest. See the full results inside... alternativeaalte assets. intelligent data. • Fund Terms and Conditions Q2 Special Guest Contributor: David Arthur, Brookfield Asset Management XX

Latest Fundraising Figures Fundraising activity remained • And Much More… relatively steady compared to previous quarters; we take a look at the latest developments in

more detail. alternative assets. intelligent data. Q2 Special Guest Contributor: David Arthur, Brookfield Asset Management

Deals How have the buyout and venture capital deals markets looked over the last quarter?

alternative assets. intelligent data. Q2 Special Guest Contributor: David Arthur, Brookfield Asset Management

Click below to download your free copy today:

Private Equity Private Real Estate Infrastructure

www.preqin.com/quarterly

Secondaries Intermediaries

Patrick Adefuye explores the latest data on intermediaries in the secondary market, including the size of the transactions they carry out and the location of their clients.

For secondaries intermediaries, the value of the offerings to be Fig. 1: Secondaries Intermediaries by Transaction Size Preferences sold is a key factor when implementing a secondary transaction, as not all intermediaries have the capacity to carry out certain 100% transactions or choose not to do a transaction based on its size. 92% 90% As shown in Fig. 1, the majority of intermediaries (92%) will work 82% on transactions between $10mn and $99mn, while more than a 80% third (34%) will cover transactions greater than $1bn. Of all the 70% 63% intermediaries on Preqin’s Secondary Market Monitor, 18% will 60% 52% cover transactions of any size on behalf of their clients. 50%

40% 34% Fig. 2 shows the proportion of secondaries intermediaries 30% representing clients in various regions. Eighty-nine percent of Proportion of Intermediaries 20% intermediaries will represent clients based in North America, and 10% the same proportion will represent clients based in Europe. There 0% is also a signiﬁ cant proportion (80%) of intermediaries that will Less than $10mn $10-99mn $100-499mn $500-999mn $1bn+ represent clients located in Asia and Rest of World. The vast majority Transaction Size (74%) of intermediaries will represent clients in all locations. Source: Preqin Secondary Market Monitor

The top 10 secondaries intermediaries by total value of secondary transactions represented are shown in Fig. 3. Cogent Partners has Fig. 2: Proportion of Secondaries Intermediaries Working with Clients represented the largest aggregate value of secondary transactions Based in Various Regions at $60bn. UBS Investment Bank Private Funds Group is another 100% big player in the secondary market, having represented $31bn in 89% 89% secondary transactions. 90% 80% 80%

70%

Subscriber Quicklink: 60%

Subscribers to Preqin’s Secondary Market Monitor, the industry’s 50% leading source of intelligence on the private equity and private 40%

real estate secondary fund markets, can click here to view a list 30%

of all 65 secondaries intermediaries currently tracked by Preqin. Proportion of Intermediaries 20%

Not yet a subscriber? For an online demonstration of the database 10% 0% please register your interest here or email [email protected] for a North America Europe Asia and Rest of World walkthrough of the databases. Location of Clients Source: Preqin Secondary Market Monitor

Fig. 3: Top 10 Secondaries Intermediaries by Total Value of Transactions Represented

Intermediary Country Total Value of Transactions Represented ($mn) Cogent Partners US 60,000 UBS Investment Bank Private Funds Group US 31,000 Campbell Lutyens UK 25,000 Credit Suisse Private Fund Group US 14,000 Paradigm Change Capital Partners UK 4,000 Greenhill & Co. US 3,873 Travers Smith UK 2,666 Axon Partners Switzerland 2,200 Scalar Partners US 2,000 Azla Advisors US 1,900 Source: Preqin Secondary Market Monitor

Conferences Spotlight

Conference Dates Location Organizer

SuperReturn Asia 18 - 20 September 2012 Hong Kong ICBI

Distressed Debt Investor Forum 19 - 20 September 2012 London Informa

SuperReturn Middle East 14 - 17 October 2012 Dubai ICBI

The Alternative Asset Summit 17 - 19 October 2012 Las Vegas Alternative Assets

SALT Singapore 2012 17 - 19 October 2012 Singapore SkyBridge Capital

Hedge Fund CIO Summit & PE/VC CIO Summit 18 October 2012 New York Alpha Institutes

3rd Emerging Marketing Investing Summit: BRIC & Beyond 24 October 2012 New York iGlobal Forum

4th Annual Women's Alternative Investment Summit 1 - 2 November 2012 New York Falk Marques Group

SuperInvestor Paris 6 - 9 November 2012 Paris ICBI

Private Equity Partners Saudi Arabia Conference 25 - 27 November 2012 Saudi Arabia IIR Middle East

SuperReturn Africa 2012 3 - 5 December 2012 Casablanca ICBI

16th Annual SuperReturn International 2013 25 - 28 February 2013 Berlin, Germany ICBI

6th Annual Women's Private Equity Summit 14 - 15 March 2013 Half Moon Bay, CA Falk Marques Group

Chief Investment Officer Summit

Date: 18th October 2012 Information: www.alpha-institutes.com Location: The Harvard Club, NYC Organiser: Alpha Institutes

Designed for the alternative investment community to relate to each other in an intimate environment. Panel topics are focused on current institutional fund manager search techniques, asset allocation tactics, creative investment ideas and strategies, trends and opportunities. Strategies and theories that are discussed at the conferences are derived empirically through actual market experience.

3rd Emerging Markets Investing Summit: BRIC & Beyond

Date: October 24th 2012 Information: www.iglobalforum.com/em3 Location: New York Organiser: iGlobal Forum

iGlobal Forum’s 3rd Emerging Markets Investing Summit: BRIC & Beyond will provide a snapshot of the current climate for investing in emerging markets and how investors should position their portfolios to maximize risk-adjusted returns. The event bring together the best minds in the emerging markets arena—leading institutional & private equity investors, hedge funds, portfolio & asset managers, economists & policymakers—to present their best practice strategies.

Cayman Alternative Investment Summit

Date: 31st October - 2nd November 2012 Information: www.caymanai.com Location: The Ritz-Carlton, Grand Cayman, Cayman Islands Organiser: Alternative Investment Research Ltd

The Cayman Alternative Investment Summit is an international conference that will bring together the world’s leading institutional investors, fund managers, academics, economists and regulators in the Cayman Islands - the world’s leading domicile for investment funds - to discuss and debate the fundamentals of a vibrant future for the alternative investments industry.

SuperInvestor 2012

Date: 6 - 9 November, 2012 Information: http://www.icbi-superinvestor.com/FKR2334PRQSP Location: The Westin, Paris, France Call: +44 (0)20 7017 7200 Organiser: ICBI Email: [email protected]

Register by 5/10/2012 to SAVE up to £600 Plus receive a 15% Discount - quote VIP Code: FKR2334PRQSP when registering SuperInvestor 2012 is known for the quality of its attendees and its superb networking. In Paris this November, even more delegates will come together than the 900 senior attendees ( including more than 250 LPs ) who enjoyed this event last year.

Read on to uncover some of the senior level speakers and authorities, cutting edge topics, sessions, features and excellent networking that you could benefit from this autumn.

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While reasonable efforts have been made to obtain information from sources that are believed to be accurate, and to conﬁ rm the accuracy of such information wherever possible, Preqin Ltd. does not make any representation or warranty that the information or opinions contained in Private Equity Spotlight are accurate, reliable, up-to-date or complete.

Although every reasonable effort has been made to ensure the accuracy of this publication Preqin Ltd. does not accept any responsibility for any errors or omissions within Private Equity Spotlight or for any expense or other loss alleged to have arisen in any way with a reader’s use of this publication.